Anyone in the Thai hospitality industry knows full well the impact of the drop in the Chinese, but it is not until you see the actual numbers that you understand the true magnitude of the problem.
Although Flat Monthly has fortunately avoided the impact of this, as we are focused on longer stay corporate travel, and monthly accommodation for executives and nomads, our friends in the industry have all suffered. Talking to everyone I bump into in the business, I try polling the question “When do you think the Chinese will come back?”
Consensus seems to be that it could take as long as Chinese New Year 2019 before things are back to previous levels. Although Bangkok hotels are showing strong Xmas & New Year occupancies, rates were low, partly as a result of justified panic, to guarantee the business, on the fear that the Chinese would still be away.
The Thai government’s corrective measures could unfortunately in no way match the pace of the Chinese “Phoenix” reactions, and Thailand paid a heavy price.
Not sure if the government has a formal “Tourism Crisis Committee” but given the nature and volatility of tourism, and the track record of annual crisis, it would seem a logical and appropriate body to have at the ready.
For my two cents worth, it should include representatives from the top hotel chains, tour operators, travel agents and of course the relevant government bodies. The private sector should be embraced, because they are the ones who best know the market, the impact and the likely success of any programs.
They have real time data on market performance, forward bookings/cancellations etc, and more importantly bring a greater sense of urgency to the evaluation and implementation of corrective measures. Just sayin’.
About Flat Monthly
Flat Monthly is one of Asia’s leading Proptech companies, that believes the future of living is one of mobility and flexibility and aims to provide on-demand accommodation and virtual concierge services.
With the rapid growth of subscription living, people are no longer confined by physical assets and commitments. Remote work assignments, the desire to change lifestyles and the digital nomad is driving demand for flexible, easy, efficient living solutions.
Flat Monthly provides the ultimate freedom to choose when and where to live. Using tech solutions from VR to AI and cryptocurrency, Flat Monthly will be at the forefront of revolutionizing the accommodation rental market as it is known today. In short we want to make renting an apartment for a medium and long stay, as easy as ordering a pizza online.